RADCO Sells Multifamily Portfolio in Newnan, Georgia for $104.9M
NEWNAN, GA. — The RADCO Cos. has sold a three-property apartment portfolio in the southwest Atlanta suburb of Newnan for $104.9 million. Totaling 789 units, the three properties posted an average occupancy rate of 94 percent at the time of sale.
Dallas-based McDowell Properties purchased the largest community in the portfolio, the 561-unit Creekside at White Oak. Colorado-based Vukota Capital Management acquired the other two assets — Woodlands at White Oak and Ashford at Brown Ridge, both of which hold 114 units.
Shea Campbell, Colleen Hendrix, Ashish Cholia and Kevin Geiger of CBRE represented RADCO in the transaction.
“Newnan remains one of Atlanta’s most desired submarkets with nearly 3,000 jobs added in the specialized healthcare field since 2010 and a surging industrial corridor,” says Campbell, senior vice president at CBRE. “This is a great investment in an area with limited supply of new apartments on the horizon.”
The buyers have the potential to significantly renovate the portfolio’s unit interiors. RADCO, a multifamily investment firm based in Atlanta, left about two-thirds of the portfolio’s units in “classic condition,” according to CBRE.
RADCO purchased Creekside at White Oak in late 2015 from ECI Group for $53 million. A couple months later, the company acquired Woodlands at White Oak from LivCor for $9.9 million.
In August 2014, RADCO purchased Ashford at Brown Ridge from Fannie Mae. The investor bought the asset in a portfolio that included the 439-unit Ashford Woods community in Smyrna, Ga. The two metro Atlanta assets traded for $33.2 million, according to Atlanta Business Chronicle.
Founded in 1994 by Norman Radow, The RADCO Cos. specializes in the acquisition of distressed and opportunistic multifamily communities in growth markets in the Southeast, Midwest and Southwest.
The company also has an operations division called RADCO Residential that manages more than 50 communities in Georgia, Tennessee, Texas, Oklahoma, Florida, South Carolina, North Carolina and Indiana.
— John Nelson